MTF directors re-elected

MTF Finance has re-elected two of its directors for another term. 

Grant Woolford, pictured above, and Geoff Kenny were confirmed for a third and fifth term on the board, respectively, at the company’s AGM on March 21. 

At the meeting, chairman Mark Darrow reflected on the step-change of the company over the 2023 financial year. 

He says the reporting period returned a stellar record result that has “proven the strategic path for the business has been extremely successful” for customers, originators and shareholders.

“Reaching $1 billion in lending assets is a landmark result that provides important scale for MTF Finance and puts us near the top of non-bank lenders in New Zealand,” adds Darrow.

“Sales year on year increased a stunning 40 per cent. This ultimately helps more New Zealanders with easier access to finance.” He stresses the company’s strategic direction has been driven by a “committed and hardworking board”.

Before the meeting, the board resolved to increase the current dividend reinvestment strike price for ordinary shares from $2.50 to $3.84. 

This increase is being seen as another marker of recent success the company is having, and a direct reflection of strong performance and the increasing scale of the business.

Chris Lamers, chief executive officer, comments: “The increased value of the business comes after a period of sustained growth. We are confident MTF is well-placed to continue this growth in coming years. 

“Change often happens at a crossroads or confluence of events, and I believe we are at one of those moments in time. This is why we are evolving MTF Finance and our network to meet the changing needs of customers.

“Particularly during a global cost-of-living crisis, putting customers at the forefront of lending is crucial. To provide top-tier services and enhance customers’ experience of the brand, the board is committed to investing in new technology and product options to make lending about people.

“Over the past 12 months, we have invested more in new locally owned and operated branches and additional staff in communities.”

MTF Finance have opened two community hubs with AMI Insurance – in Hornby, Christchurch, and Mount Eden in Auckland, and has added four branches and 10 per cent extra frontline staff. It has also launched home-loan brokering, which will be progressively rolled out across its network of locally owned and operated stores.

About Grant Woolford

With more than 30 years’ experience in the motorbike industry, Grant Woolford has worked his way up from apprentice to grassroots business owner focused on growth and delivering strong results.

He has impressed with his commitment to governance and advancing the strategic plan of the company.

Woolford has been an MTF Finance board member since 2018, is managing director of the Cyclespot Group, and holds board roles at the Motor Trade Association, where he chairs the finance and risk committee, and Auxo.

About Geoff Kenny

With more than 30 years of experience in the motor vehicle and finance industries, Geoff Kenny, pictured, has a robust understanding of New Zealand business. 

This is his fifth appointment to the MTF Finance’s board. As a seasoned franchise owner, he has a deep understanding and respect for the company’s business model, its history and customers. 

Representing a point of view from the day-to-day operations of the business, Kenny has been involved in the introduction of new products, company growth and increased profits.